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Tesco Personal Finance reaches five million customer accounts

03 June 2005
Tesco Personal Finance is going from strength to strength, announcing that it has achieved its five millionth active customer account.

The company, formed out of a joint venture between Tesco and the Royal Bank of Scotland (RBS), now deals with five million accounts across all its personal finance products.

Of these, 1.4 million are car insurance customers, 1.7 million are credit cards, and 300,000 are home insurance accounts.

Tesco also manages more than £2 billion in savings balances, almost £4 billion in written life insurance policies, and more than £3 billion in lending balances.

"By applying retail thinking to the finance sector we have given consumers a new level of value, simplicity and ease," said Jim Macdonald, chief executive of Tesco Personal Finance.

"We have changed how financial services are sold and given customers an alternative choice. The fact that so many have chosen us gives us confidence for the future."

Tesco Personal Finance recently revealed that its annual profits had increased by more than a quarter (27 per cent) to £202 million.

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